The study provides an in-depth analysis of the global tokenization market to elucidate the prominent investment pockets from 2016 to 2023 and Current trends and future estimations are outlined to determine the overall market scenario.
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Tokenization refers to data security systems, which generate a unique ID to avoid unauthorized access to sensitive information. Moreover, increase in banking applications and rise in credit card holders boost the tokenization market.
In banking sector, huge revenue is invested on stakes and the data is crucial, thus tokenization is required from security perspective. In the recent years, technology companies have incorporated tokenization system to safeguard the customers information.
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The global tokenization market is driven by safeguarded customer data, use of digital payments, reduced risk, and cautiousness of banks toward frauds. However, tokenization systems require large data space, which restrains the growth of the market.
Moreover, use of big data to store unique transaction IDs globally is expected to provide new opportunities in the market.
The global tokenization market is segmented based on type, industry vertical, and geography. Based on type, it is categorized into cloud services and on-premises.
Based on the industry vertical, it is classified into IT & telecommunication, retail, healthcare, automotive, and others. Geographically, it is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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The major players profiled in the report include Hewlett Packard Enterprise Development LP, CyberSource, First Data Corporation, CipherCloud, Liaison Technologies, Gemalto NV, Symantec Corporation, Paymetric.com, CardConnect, and Thales e-Security, Inc.
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